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Core Estimating for Owner Companies

How can you increase core-estimating maturity for Owner companies and improve project performance and increased capital efficiency in today’s construction industry? Introduction  Owners rely on cost estimates to perform an economic analysis of the return on their capital investments or capital expenditures (CAPEX).  Estimates are critical to early planning and de-risking of project budgets developed during project authorization.    When Owner companies place little

Cost Control vs. Cost Management

What is the difference between cost control and cost management? Cost management and cost control are two terms that often get mixed up. If you think about the words, what sounds better? Would you rather be in control or managing your costs?   It turns out that cost management and cost control really are two different things, and yet they are equally important

The Top 20 Reasons Why Construction Projects Experience Cost Overrun

Why do so many construction projects have cost overrun by as much as 10% to more than 100%?  How can cost overrun be rectified? This continuing cost overrun situations costs industry million dollars each year and wastes valuable engineering /construction labor resources. Construction cost overruns are an everyday happening on mid-sized & large multi-million dollar EPC projects around the world. Studies on this subject

Top 10 Mistakes In Project Cost Management

Starting the New Year energized and motivated you yet not entirely meeting your resolutions? This may seem to be a yearly reoccurrence. With all that goes into managing a project, making sure things are done right, within budget, and on time is a challenge; especially when we fall victim to the same mistakes.  Knowing that there are a lot

Transforming Project Controls For Organizations, If Not Now, When?

Transforming Project Controls For Organizations, If Not Now, When? Today’s Owner and EPC companies are frequently dealing with significant budget overruns and schedule delays, placing increased pressure to adopt project controls strategies, which better fit their company and the projects they execute.   In this post, Fred Wellman discusses strategies for rapidly transforming project controls for organizations in today’s construction industry.  “Another word for control is